U.S. Economic News
July 24, 2019
U.S. Economic Indicators
New home sales rose 7.0% to a seasonally adjusted annual pace of 646,000 in June and were 4.5% above the June 2018 rate. The median sales price rose to $310,400, and the inventory of new homes fell to 6.3 months at the current sales rate. Census Bureau Report
U.S. News
The Financial Times reports that U.S. officials will travel to China next week to resume trade talks with China’s Vice Premier Liu He. The U.S. has recently relaxed some restrictions on sales by U.S. companies to Huawei, while Chinese officials have moved to increase purchases of U.S. farm products, possibly signaling an easing of tensions ahead of the latest round of negotiations. FT
Kate Davidson reports for the Wall Street Journal that the two-year federal spending deal announced by Congress this week is unlikely to result in a significant rise in spending, muting its impact on overall economic growth. Spending under the proposed budget deal would increase federal government spending in 2020 by just 3.5% and taper off further in 2021. WSJ